The most worthless fraudulent public company in the world, and its not even close.
NRGV - Energy Vault the only thing more (allegedly) fraudulent than it's technology is it's (allegedly) fraudulent revenue .
As we mentioned in our last post (congrats to all who banked heavily on that well timed post) its difficult to get really excited about going heavy on the short side even in the garbage unprofitable tech sector given that most of these companies have already been beaten down between 50-90%. However there is still one company that up until has been artificially propped up but those days if not already over definitely seem to be numbered.
The fact that Energy Vault ( NRGV ) is far and away the biggest POS fraud in the entire world is not a huge secret. However, the stocks price has been subject to trading which certainly seems to be manipulative the question was only how long will insiders keep propping up the price of this garbage.
On Friday they announced the redemption of warrants and stock began to show some weakness, the added shares from redemptions and cash out of the warrants have proven to be the only reason other garbage SPACs priced had been propped up (see BRCC) this may of denoted the beginning of the end for NRGV, given the now larger float with the cash out of those warrants
however there is still a chance they try and prop this fraud up a little more until the large share unlock in august either way it is very important to be well aware and acquainted with the disgusting fraud scam this company is.
It's a question of when not if the POS dumps hard. Now that the warrants are exercised are they don't with manipulation? Let's watch closely and see Friday they did not even try to defend any key support levels and the stock hit all time lows.
The TECH
The “tech” behind this “company” is literally laughable, and has been called into question by many industry experts
Below please read the article and see the two videos linked below to understand.
Energy Vault Is A Dumb Idea, Here's Why
Fake BS Revenue
Prior to going through with its SPAC deal Energy Vault put out some amazing news they no longer were a zero revenue POS company, amazingly they landed a deal with DG fuels that is projected to garner over $500 million dollars in revenue. Great timing as this info was now able to be added into the company investor presentation painting a much better picture. Sounds great, it really does.
However its interesting to note that the day after the PR came out energy vault buried a shocking disclosure … that they made a one million dollar payment to DG fuels . That is a curious payment disclosed at a very curious time isn’t it ?
The bigger problem here is its difficult to imagine that DG fuels will be paying (back) NRGV considering that they have zero operation, zero employees, zero revenues, and 4 employees according to linkedin, and their HQ is a “suite” in D.C.
[We got re confirmation from advisor to DG fuels that after all these years they still have absolutely zero revenue (but sure theyre gonna pay energy vault 525 million dollars)
But if you actually call DG Fuels you will get google voice forwarded to the ceos personal cell and he will tell you he is in fact the only employee at his company
Perhaps coincidentally Darcy has a very long history of announcing massive multi billion dollar deals that never actually happen as extensively documented in the 1791 report pages 32-37
Obviously these red flags were seen and currently NRGV is facing multiple lawsuits around their massive DG Fuels Deal you can read more about it here and here
There is also a great writeup about the tech and lawsuit by a well respected industry expert click here
Ponzi structured Cash Out
Then of course is the entire ponzi structure of this company founded by Bill Gross, who just recently put his first clean tech scheme Heligen through De-SPAC in its short time since de-spac this POS has lost 80%
The folks at 1791 have also done extensive research and have written a very detailed 50 page short report focusing on Bill Gross and how this fraud works it is a great very well researched red and absolutely sickening how blatant of a ponzi scheme this spac deal was . There honestly is so much garbage in this ponzi scheme i’m not even gonna get into the numerous massive red flags 1791 has highlighted, they have wrote a detailed letter to the SEC also, It would not surprise me at all if NRGV is currently under investigation especially given new SEC head Gary Gensler strongly stated goal of putting a end to SPAC mergers manipulating retail investors. NRGV would see a very obvious poster child for everything Gensler hates about SPACs.
Conclusion:
Given the obvious worthlessness of this POS ponzi fraud scam, I have been watching and waiting for the manipulation and propping of the stock price to subside. It is likely the warrants redemption Friday, signaled the beginning of the end. I feel this is a strong sell and have issued a PT of $1.43 by the end of august.
Disclosures:
I am not a financial advisor
I currently own august PUT options in NRGV and will profit from any decrease in share price I may sell or buy NRGV at anytime